(Alliance News) - Great Western Mining Corp PLC on Monday said it has completed its planned, first-phase drilling programme for gold and silver at the Olympic gold project in Mineral County, Nevada.
The Nevada-focused gold, silver and copper explorer said holes across four target areas have been "satisfactorily completed", of which six were at the Trafalgar Hill prospect where gold has been mined in the past, one at the West Ridge prospect and a third to the south of the former Omco Mine which produced gold at high grades until the 1940s.
Drill cuttings from the reverse circulation rig are currently being analysed at an independent laboratory in Nevada to assess the gold and silver content of each of the drill holes.
Chair Brian Hall said: "Drilling operations at Olympic Gold have been completed ahead of schedule, within budget, and we now await the assay results as the rig is moved to [a new location], which has exciting potential for the company. At Mineral Jackpot, where plans are going ahead for commercial recovery of gold and silver from previously mined spoil heaps, the drilling permit will enable us to progress our assessment of the potential for further gold and silver recovery in this area of historic mining."
Shares in the company were down 2.9% at 0.23 pence each in London on Monday mid-morning.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Great Western (GWMO)